A sophisticated cyberattack has resulted in the theft of 62 billion Ugandan shillings (about $16.8 million) from the Bank of Uganda, according to a report by the state-owned New Vision newspaper.

The cyberattack, which occurred earlier this month, was carried out by a hacking group identifying themselves as “Waste,” reportedly from Southeast Asia.

The hackers managed to infiltrate the bank’s IT systems and illicitly transfer a significant sum, part of which was traced to Japan, according to sources within the bank cited by New Vision.

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Despite the magnitude of the breach, the central bank has successfully recovered more than half of the stolen funds.

The Bank of Uganda and the Ugandan police have yet to provide official comments on the incident.

However, President Yoweri Museveni has ordered a thorough investigation into the matter, as revealed by New Vision.

In a separate report, Uganda’s largest independent newspaper, Daily Monitor, suggested that the theft might have involved collusion by insiders, raising further concerns about the bank’s internal security protocols.

Cyberattacks on financial institutions in Uganda are not uncommon, with previous incidents targeting banks and telecom firms.

However, many financial institutions are reluctant to publicly disclose such breaches, fearing potential damage to their reputations and loss of customer trust.

Vice President Kashim Shettima has returned to Nigeria after attending the inaugural International Exhibition of Extractive and Energy Resources (SIREXE Expo) in Abidjan, Côte d’Ivoire.

While no official statement was released regarding his return, sources confirm that Shettima arrived in Abuja on Wednesday night via the Nnamdi Azikiwe International Airport.

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During the event, which gathered leaders and industry experts from across Africa, Shettima emphasized the need for stronger governance and enhanced transparency in the extractive and energy sectors.

He also called for increased collaboration among leaders and industry players to better harness Africa’s resource wealth for sustainable development.

“The Nigerian government is committed to building an inclusive extractive industry anchored on the principles of transparency, regional partnerships, and local capacity development,” Shettima said during his address.

The summit, themed “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” served as a platform for discussions on innovative solutions for energy security and resource management across the continent.

The House of Representatives is currently holding a closed-door session to discuss the Tax Reform Bills submitted by President Bola Tinubu.

On September 3, 2024, the President forwarded four tax reform bills to the National Assembly, based on recommendations from the Taiwo Oyedele-led Tax Reforms Committee.

The proposed bills include the Nigeria Tax Bill 2024, aimed at providing a comprehensive fiscal framework for taxation, and the Tax Administration Bill, designed to establish a clear legal framework for all taxes and minimize disputes.

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Additionally, the Nigeria Revenue Service Establishment Bill seeks to replace the Federal Inland Revenue Service Act by establishing the Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman.

A lawmaker of the All Progressives Congress told our correspondent on condition of anonymity that the meeting is expected to douse tension ahead of the debate.

“Not everyone is convinced yet about the bills but there is a feeling that the intent of the Federal Government is the well-being of the economy. This meeting is to drum support for the bills,”  he stated.